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re|class

Charity and Self Pay Stratification

Overview

re|class provides self pay account evaluation and validation tools designed to integrate seamlessly into your current revenue cycle processes. re|class will accelerate cash collections, improve operational efficiency and reduce operating costs. It addresses these issues by assisting with Patient Data Verification, Financial Assistance Evaluations, Charity Care Prequalification and Validation, and Collection Prioritization.

Challenge

The growing trend of “self-pay” patients is fast becoming a factor affecting the financial well being of nearly every health system in the country. Recently, health care providers have experienced a significant rise in self-pay revenue as a percentage of the average hospital’s total revenue. Self-pay patients create a unique set of collection challenges for healthcare organizations. Providers often have little information about an individual’s financial situation that would provide valuable insight into their propensity to pay their bill, qualify for government assistance programs, or receive charity care. Even accurate demographic and contact information can be hard to come by, making follow-up communication or collection activity difficult. Typically, most facilities attempt to collect a growing number of self pay accounts with limited internal collection resources. This results in an increasing percentage of self pay accounts ending up as bad debt write offs and less cash to the facility. 

Solution

re|class offers tools which will increase collections, improve cash flow, identify and automate the charity process and reduce costly placements to bad debt agencies. The verification result provides confirmation of name and address, social security number and date of birth. re|class automates and validates charity care utilizing an algorithm that blends income and number of dependants against known liquid assets a patient may have available to them. Additionally, hospital staff no longer have to estimate what a patient’s financial capabilities are to pay their bill because the platform’s maximum payment recommendation determines how much the patient can afford to pay for services without dire financial duress. All of these tools are complemented by a propensity of payment scoring model which evaluates and analyzes the potential collectability of self-pay accounts. The entire suite of tools are delivered in real time at registration or in a batch mode at any interval during the billing cycle.

Results

Let us help you increase your reimbursements as we have for our clients listed below:

• Increased Cash receipts on self-pay accounts over 22% in the first 90 days
• Reduced placements of self pay accounts to collection agencies by nearly 50% within first six months